As of 1 January 2019, pension coverage has been extended to the self-employed and liberal professions through new supplementary pension schemes. Article 8 of the new pension reform law has, since 21 August 2018, reduced the maximum period of employment before pension rights start being accrued from 10 years to three years. For members who started work before 21 May 2018, the total cumulative period for the acquisition of pension rights cannot exceed 10 years and all should be enrolled by 20 May 2021.
The new law requires clear and written communication annually to members contributing to occupational pensions regarding the pension choices available to them, the consequences of stopping work and supplementary pension rights. Outgoing members should be informed within 30 days of their departure of their options and the treatment of any reserves acquired for the payment of death in service benefits. The reform offers employers thorough guidelines on valuing vested rights and revised transfer options for employees.
